"Lab equipment flight simulator secures additional £1 million in funding"
Envoke Secures Additional Funding, Expands Operations, and Attracts Industry Recognition
In a significant development, UK-based company Envoke has announced that it has raised an additional 1 million GBP in funding. This investment will enable the company to create two new jobs, further enhance its system, and boost sales and marketing efforts. The aim is to roll out the platform to more customers, with a focus on improving productivity, enhancing staff skills, and keeping equipment up and running.
The investment of 500,000 GBP each came from NPIF - Mercia Equity Finance and Finance Yorkshire's Seedcorn Fund. The Northern Powerhouse Investment Fund project, which is financially supported by the European Union, played a crucial role in facilitating this investment.
Lizzy Upton, senior manager at the British Business Bank, expressed her support for Envoke's success, highlighting the company's impressive growth. In the past 12 months, Envoke has almost doubled its annual recurring revenue.
Envoke was founded in 2019 and originally designed for product demonstrations. However, it was later adapted for remote training and aftersales. The platform enables manufacturers to offer remote support, reducing the need for site visits. It also features an AI-powered diagnosis tool for self-resolution of problems.
The system is used in laboratories worldwide, including the NHS, other health services, and leading universities. Notable clients of Envoke include Bio-Rad, Waters Corporation, PacBio, Grifols, and the Terumo Group.
Finance Yorkshire, which supported Envoke's investment, plans to make further investments in 2025. By 2027, investments from Finance Yorkshire's funds are expected to total 50 million GBP. Finance Yorkshire's investment performance over the last three years supported 55 SMEs, creating and safeguarding over 700 jobs.
Meanwhile, another sensor company has raised investment to launch a new fitness monitor, while Eventum Orthopaedics has secured 3.8 million GBP following a knee op device roll-out. The Development Bank of Wales has also supported a medtech business with a 500,000 GBP investment.
In the realm of medical device AI, companies like Ultromics and GE HealthCare are attracting substantial funding or regulatory momentum for software that enhances device utility and clinical workflows. Ultromics' AI-powered ultrasound diagnostics platform aims to improve diagnostic accuracy and usability, while GE HealthCare leads in FDA authorizations for AI-enabled medical devices.
These developments suggest that other device manufacturers with AI-enabled clinical workflow tools—potentially including training and troubleshooting capabilities—are also attracting significant investment. While specific examples of "AI-powered training and troubleshooting software" similar to Envoke's were not found in the provided results, Ultromics and GE HealthCare exemplify companies in the medical device AI space making strides in software that supports clinical decision making and operator efficiency.
- The investment secured by Envoke will be used to develop advanced medical devices, leveraging science and technology, to provide remote training and troubleshooting capabilities, aiming to enhance the health-and-wellness sector.
- As the medical device industry continues to embrace AI, other companies are expected to follow the trajectory of Ultromics and GE HealthCare, attracting investment for AI-powered training and troubleshooting software, aimed at improving productivity and staff skills in the health-and-wellness sector.
